The energy industry is experiencing unprecedented transformation under the extensive effects of increased consumer awareness, technological growth, and heightened renewable energy investments. Talking of investments, renewable energy sources are doing extremely well today. They are already accounting for at least 26% of the global electricity, and are touted to reach 30% in 2024. With the world moving at full speed towards renewables, the need for supportive services and products is becoming more evident. As a dependable partner for energy and utility firms, QBI Solutions promotes the energy transition by offering custom solutions, including compliance management software services.
What is compliance management software?
The energy sector has several regulatory obligations, both locally and internationally. These obligations serve many purposes including maintenance of market competition, preservation of the business environment, and protection of data. For those companies dealing in renewables, industry-specific regulations are also worth considering.
Compliance management software is a tracking, monitoring, and auditing tool that helps businesses to comply their obligations. In the business realm, compliance refers to the ability to adhere to the ethics, laws, and standards relevant to a business.
As you continue with your renewable energy business, you want to ensure that your processes are in line with the relevant legal, organizational, and consumer requirements. This is so easy when you have the right compliance management system in place.
So, does your business need this software? Yes, compliance software is for every company. While big companies need this software to enhance conformation to industry standards and reduce risk, any company seeking to adhere to regulations, sustain high levels of client satisfaction, and manage quality, needs a reliable management solution.
For a renewable energy project, compliance management software could address the following issues:
- Environmental monitoring during the construction phase
- Noise emission audit during operation
- Waste management plans
- Environmental plans
- Fatality monitoring
Sad to say, some people feel anxious when the idea of compliance is floated. However, we don’t think there should be any concerns if the internal processes are correct. At QBI, we believe that internal standards should be robust, even as external requirements apply. Consider aligning your company’s Mission and Vision with compliance management software to promote the value of compliance among your team.
Now, what is the best software for this important task?
Key Features to Look for in Compliance Software
As you look for the best compliance management software for your energy business, it is important to ask yourself a few questions. These range around issues such as the need for data-driven information, customization, data security, and scalability.
The following features define the best compliance software.
A compliance software ought to have the risk management feature to identify and classify every business function with a particular risk level. This classification ensures that users can manage risky tasks as the business operations continue unabated.
But what does risk management entail? Risk management concerns the identification, assessment, and management of possible threats to an organization’s earnings and image. The source of these risks could be anything from unpredictability to legal issues.
Every organization needs a policy management platform for the sake of communicating expectations, instituting a culture within an organization, and preventing litigations against the organization. Policy management is a one-stop area for relevant policy documents, portfolios, and procedures. When a compliance management software has this feature, every team member can access company policies and procedures to be updated.
In this day and age, there is no need to manually track compliance alerts and spend countless hours going through spreadsheets. The answer is in feature-rich compliance management software. The compliance alerts feature allows you to set the platform to provide instantaneous notifications of the status of a task – complete, incomplete, delayed, etc. The feature can also accommodate escalation alerts for the supervisor to make the necessary actions.
This is also an important feature of compliance software because it gives room for reports about the standards and regulations that your business needs to follow. Considering the repercussions of not complying including heavy fines, having this feature on the software makes sense and it can save you a lot of headaches. It is the best way to ensure that your business remains 100% compliant.
Ensuring compliance for your business can be challenging with the amount of regulations and rules that applies to your business. As this article has shown, the secret to successful compliance management is choosing the right software and with the correct features. The top consideration in this path is to be keen on the type of vendor you choose to partner with. The experience of the provider is crucial because you want to be sure about your success in compliance management.
Simplify and shorten your journey to full compliance by using modern compliance management software. QBI Solutions has extensive experience managing over 1,100 renewable energy assets globally. Are you ready to install our easy-to-use compliance management software for your business? Click here for the next step.